Approximately 85% of the oil that transits the Strait of Hormuz is destined for Asia.

Morgan Stanley has reduced its US economic growth forecast from a potential 2.5-3% to approximately 2% due to the impact of higher oil prices.

Morgan Stanley has raised its forecast for US headline inflation, predicting it will peak around 3.7% year-over-year.

Morgan Stanley predicts that US core inflation could decrease in the second half of the year.